Topsec(002212) 国元证券·2025-01-19 13:44Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Insights - The company is expected to achieve operating revenue between 270 million to 290 million yuan for 2024, a decrease from 312.45 million yuan in the previous year. However, it anticipates a significant turnaround in net profit, projecting a profit of 65 million to 90 million yuan compared to a loss of 37.14 million yuan in the previous year [1][4]. - The company has effectively controlled costs, leading to a decrease in operating expenses, particularly in research and development, which has contributed to improved profitability [2][4]. - The company has made significant advancements in artificial intelligence, launching the Tianwen large model and being recognized as a key player in the cybersecurity AI model sector [3][4]. Financial Projections - The adjusted revenue forecasts for 2024-2026 are 2.831 billion, 3.172 billion, and 3.524 billion yuan, respectively. The adjusted net profit forecasts are 77 million, 171 million, and 276 million yuan, respectively, with corresponding EPS of 0.06, 0.15, and 0.23 yuan per share [4][8]. - The report highlights a projected improvement in profitability, with a return on equity (ROE) expected to rise from -3.93% in 2023 to 2.77% by 2026 [8][10].